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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM  10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____   to   ____.

Commission File Number: 001-38280

CBTX, Inc.

(Exact name of registrant as specified in its charter)

Texas

 

20-8339782

(State or other jurisdiction of

 

(I.R.S. employer

incorporation or organization)

 

identification no.)

9 Greenway Plaza, Suite 110

Houston, Texas 77046

(Address of principal executive offices)

(713210-7600

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.01 per share

CBTX

The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company 

 

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No 

As of July 26, 2021, there were 24,593,071 shares of the registrant’s common stock outstanding, including 142,674 shares of unvested restricted stock.

Table of Contents

CBTX, INC.

Page

PART I — FINANCIAL INFORMATION

Item 1.

Financial Statements – (Unaudited)

1

Condensed Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020

1

Condensed Consolidated Statements of Income for the Three and Six Months Ended June 30, 2021 and 2020

2

Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2021 and 2020

3

Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Three and Six Months Ended June 30, 2021 and 2020

4

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2021 and 2020

6

Notes to Condensed Consolidated Financial Statements

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

37

Cautionary Note Regarding Forward-Looking Statements

37

Overview

38

Information Regarding COVID-19 Impact and Uncertain Economic Outlook

39

Results of Operations

41

Financial Condition

47

Liquidity and Capital Resources

57

Interest Rate Sensitivity and Market Risk

60

Non-GAAP Financial Measures

61

Critical Accounting Policies

62

Recently Issued Accounting Pronouncements

62

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

62

Item 4.

Controls and Procedures

62

PART II — OTHER INFORMATION

Item 1.

Legal Proceedings

63

Item 1A.

Risk Factors

63

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

63

Item 3.

Defaults Upon Senior Securities

64

Item 4.

Mine Safety Disclosures

64

Item 5.

Other Information

64

Item 6.

Exhibits

65

SIGNATURES

66

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

CBTX, INC. AND SUBSIDIARY

Condensed Consolidated Balance Sheets (Unaudited)

(Dollars in thousands, except par value and share amounts)

    

June 30, 2021

    

December 31, 2020

Assets:

 

  

 

  

Cash and due from banks

$

49,709

$

46,814

Interest-bearing deposits at other financial institutions

 

738,700

 

491,193

Total cash and cash equivalents

 

788,409

 

538,007

Securities

 

309,233

 

237,281

Equity investments

 

16,793

 

18,652

Loans held for sale

 

808

 

2,673

Loans, net of allowance for credit losses of $37,183 and $40,637 at June 30, 2021 and December 31, 2020, respectively

 

2,692,313

 

2,883,480

Premises and equipment, net of accumulated depreciation of $37,460 and $35,826 at June 30, 2021 and December 31, 2020, respectively

 

59,987

 

61,152

Goodwill

 

80,950

 

80,950

Other intangible assets, net of accumulated amortization of $16,984 and $16,607 at June 30, 2021 and December 31, 2020, respectively

 

3,846

 

4,171

Bank-owned life insurance

 

73,118

 

72,338

Operating lease right-to-use assets

12,514

13,285

Deferred tax assets, net

 

9,755

 

10,700

Other assets

 

18,808

 

26,528

Total assets

$

4,066,534

$

3,949,217

Liabilities:

 

  

 

  

Noninterest-bearing deposits

$

1,556,784

$

1,476,425

Interest-bearing deposits

 

1,860,002

 

1,825,369

Total deposits

 

3,416,786

 

3,301,794

Federal Home Loan Bank advances

50,000

50,000

Operating lease liabilities

15,590

16,447

Other liabilities

 

27,931

 

34,525

Total liabilities

 

3,510,307

 

3,402,766

Commitments and contingencies (Note 16)

 

  

 

  

Shareholders’ equity:

 

  

 

  

Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued

 

 

Common stock, $0.01 par value, 90,000,000 shares authorized, 25,296,385 and 25,458,816 shares issued at June 30, 2021 and December 31, 2020, respectively; 24,450,397 and 24,612,828 shares outstanding at June 30, 2021 and December 31, 2020, respectively

 

253

 

255

Additional paid-in capital

 

335,399

 

339,334

Retained earnings

 

229,785

 

214,456

Treasury stock, at cost, 845,988 shares held at both June 30, 2021 and December 31, 2020, respectively

 

(14,369)

 

(14,369)

Accumulated other comprehensive income, net of tax of $1,371 and $1,801 at June 30, 2021 and December 31, 2020, respectively

 

5,159

 

6,775

Total shareholders’ equity

 

556,227

 

546,451

Total liabilities and shareholders’ equity

$

4,066,534

$

3,949,217

See accompanying notes to condensed consolidated financial statements.

1

Table of Contents

CBTX, INC. AND SUBSIDIARY

Condensed Consolidated Statements of Income (Unaudited)

(Dollars in thousands, except per share amounts)

Three Months Ended June 30,

Six Months Ended June 30,

    

2021

    

2020

2021

    

2020

Interest income:

 

  

 

  

  

Interest and fees on loans

$

30,793

$

32,857

$

63,958

$

66,474

Securities

 

1,332

 

1,228

 

2,505

 

2,591

Interest-bearing deposits at other financial institutions

 

223

 

169

 

400

 

1,224

Equity investments

158

171

304

347

Total interest income

 

32,506

 

34,425

 

67,167

 

70,636

Interest expense:

 

  

 

  

 

 

  

Deposits

 

1,267

 

2,022

 

2,617

 

5,788

Federal Home Loan Bank advances

 

221

 

240

 

442

 

461

Other interest-bearing liabilities

 

 

5

 

 

9

Total interest expense

 

1,488

 

2,267

 

3,059

 

6,258

Net interest income

 

31,018

 

32,158

 

64,108

 

64,378

Provision (recapture) for credit losses:

 

 

 

 

Provision (recapture) for credit losses for loans

(4,190)

8,537

(3,904)

13,276

Provision (recapture) for credit losses for unfunded commitments

(893)

1,333

(767)

1,643

Total provision (recapture) for credit losses

(5,083)

9,870

(4,671)

14,919

Net interest income after provision (recapture) for credit losses

 

36,101

 

22,288

 

68,779

 

49,459

Noninterest income:

 

  

 

  

 

 

  

Deposit account service charges

 

1,167

 

1,095

 

2,360

 

2,580

Card interchange fees

 

1,095

 

915

 

2,071

 

1,837

Earnings on bank-owned life insurance

 

390

 

412

 

780

 

828

Net gain on sales of assets

 

366

 

139

 

558

 

262

Other

 

473

 

348

 

833

 

1,729

Total noninterest income

 

3,491

 

2,909

 

6,602

 

7,236

Noninterest expense:

 

  

 

  

 

 

  

Salaries and employee benefits

 

14,734

 

14,012

 

28,922

 

28,235

Occupancy expense

 

2,597

 

2,558

 

5,118

 

4,982

Professional and director fees

 

2,441

 

1,541

 

4,144

 

2,693

Data processing and software

1,661

1,292

3,237

2,514

Regulatory fees

501

476

1,057

579

Advertising, marketing and business development

 

510

 

269

 

795

 

633

Telephone and communications

550

392

1,013

811

Security and protection expense

 

537

 

351

 

927

 

725

Amortization of intangibles

 

186

 

230

 

377

 

451

Other expenses

 

1,480

 

1,374

 

2,892

 

2,961

Total noninterest expense

 

25,197

 

22,495

 

48,482

 

44,584

Net income before income tax expense

 

14,395

 

2,702

 

26,899

 

12,111

Income tax expense

 

2,692

 

539

 

5,177

 

2,407

Net income

$

11,703

$

2,163

$

21,722

$

9,704

Earnings per common share

 

  

 

  

  

Basic

$

0.48

$

0.09

$

0.89

$

0.39

Diluted

$

0.48

$

0.09

$

0.88

$

0.39

See accompanying notes to condensed consolidated financial statements.

2

Table of Contents

CBTX, INC. AND SUBSIDIARY

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

(Dollars in thousands)

Three Months Ended June 30,

Six Months Ended June 30,

    

2021

    

2020

2021

    

2020

Net income

$

11,703

    

$

2,163

$

21,722

    

$

9,704

Change in unrealized gains (losses) on securities available for sale arising during the period

 

2,292

313

(2,047)

 

5,336

Reclassification adjustments for net realized gains included in net income

 

 

10

Change in related deferred income tax

 

(480)

(65)

431

 

(1,123)

Other comprehensive income (loss), net of tax

 

1,812

248

(1,616)

 

4,223

Total comprehensive income

$

13,515

$

2,411

$

20,106

$

13,927

See accompanying notes to condensed consolidated financial statements.

3

Table of Contents

CBTX, INC. AND SUBSIDIARY

Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)

(Dollars in thousands, except share amounts)

Accumulated

Additional

Other

Common Stock

Paid-In

Retained

Treasury Stock

Comprehensive

    

Shares

    

Amount

    

Capital

    

Earnings

    

Shares

    

Amount

    

Income (Loss)

    

Total

Six Months Ended June 30, 2020:

Balance at December 31, 2019

25,837,048

$

258

$

346,559

$

201,080

 

(857,346)

$

(14,562)

$

2,386

$

535,721

Net income

 

 

 

 

9,704

 

 

 

 

9,704

Cumulative effect of accounting changes from adoption of CECL, net of deferred tax asset

(3,045)

(3,045)

Dividends on common stock, $0.20 per share

 

 

 

 

(4,985)

 

 

 

 

(4,985)

Stock-based compensation expense

 

 

 

1,109

 

 

 

 

 

1,109

Vesting of restricted stock, net of shares withheld for employee tax liabilities

12,853

 

 

(44)

(44)

Exercise of stock options, net of shares withheld for employee tax liabilities

(10)

2,524

43

33

Shares repurchased

(240,445)

(2)

(5,358)

(5,360)

Other comprehensive income, net of tax

 

 

 

 

 

 

 

4,223

 

4,223

Balance at June 30, 2020

25,609,456

$

256

$

342,256

$

202,754

 

(854,822)

$

(14,519)

$

6,609

$

537,356

Six Months Ended June 30, 2021:

Balance at December 31, 2020

25,458,816

$

255

$

339,334

$

214,456

 

(845,988)

$

(14,369)

$

6,775

$

546,451

Net income

 

 

 

 

21,722

 

 

 

 

21,722

Dividends on common stock, $0.26 per share

 

 

 

 

(6,393)

 

 

 

 

(6,393)

Stock-based compensation expense

 

 

 

1,115

 

 

 

 

 

1,115

Vesting of restricted stock, net of shares withheld for employee tax liabilities

18,658

 

 

(84)

(84)

Shares repurchased

(181,089)

(2)

(4,966)

(4,968)

Other comprehensive income, net of tax

 

 

 

 

 

 

 

(1,616)

 

(1,616)

Balance at June 30, 2021

25,296,385

$

253

$

335,399

$

229,785

 

(845,988)

$

(14,369)

$

5,159

$

556,227

See accompanying notes to condensed consolidated financial statements.

4

Table of Contents

CBTX, INC. AND SUBSIDIARY

Condensed Consolidated Statements of Quarterly Changes in Shareholders’ Equity (Unaudited)

(Dollars in thousands, except share amounts)

Accumulated

Additional

Other

Common Stock

Paid-In

Retained

Treasury Stock

Comprehensive

    

Shares

    

Amount

    

Capital

    

Earnings

    

Shares

    

Amount

    

Income

    

Total

Three Months Ended June 30, 2020:

Balance at March 31, 2020

25,601,835

$

256

$

341,713

$

203,080

 

(855,822)

$

(14,536)

$

6,361

$

536,874

Net income

 

 

 

 

2,163

 

 

 

 

2,163

Dividends on common stock, $0.10 per share

 

 

 

 

(2,489)

 

 

 

 

(2,489)

Stock-based compensation expense

 

 

 

552

 

 

 

 

 

552

Vesting of restricted stock, net of shares withheld for employee tax liabilities

7,621

(9)

(9)

Exercise of stock options, net of shares withheld for employee tax liabilities

1,000

17

17

Shares repurchased

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

248

 

248

Balance at June 30, 2020

 

25,609,456

$

256

$

342,256

$

202,754

 

(854,822)

$

(14,519)

$

6,609